Off the Charts

'Sell in May, go away?' The market slid lower in today's after the S&P tagged all-time highs yesterday. It was typical Fed day type action as the trade was very choppy. The indices all closed the day down around 0.9%.

While Fed days are often choppy, typically you get more clarity in the following session. Combine that with the fact that the ECB announces a rate decision tomorrow morning and we volatility could continue to ramp up. Resistance right is at that S&P 1597 level while support lies in the 1574 to 1577 area. Any weakness that we have seen so far in 2013 has been very short-lived but that doesn't mean you should abandon your trading rules. A disciplined trader always follows their plan and becomes more cautious when it is warranted....667 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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